Today, the Office of Mortgage Settlement Oversight released the latest Monitor’s Report on the progress of the $25 billion National Mortgage Settlement. The Home Defenders League and the Campaign for a Fair Settlement issued the following statements in response:
Brian Kettenring, Campaign Director of the Campaign for a Fair Settlement, said:
“The National Mortgage Settlement was designed to help homeowners hardest hit by the housing crisis by requiring the major mortgage servicers implicated in systemic foreclosure fraud to provide relief. Most importantly, it was supposed to help those under threat of foreclosure stay in their homes. Instead, we’re seeing a settlement process run in secret by the same banks that caused the crash. We do not have evidence that help is going to families most in need, even as homeowners say that the same kinds of abuses that precipitated the foreclosure crisis are continuing.
“The limited data the banks are providing show that too much of the so-called relief is in the form of short sales, which do not help people stay in their homes; writing down large numbers of second liens that may already be worthless; and refinancing, which is a profit center for the banks thanks largely to heavy federal subsidies – and something they’d be doing even without a settlement. We need much stronger enforcement of the servicing rules and much greater transparency if this and future settlements are going to accomplish what they were intended to: ensure that help is going to the hardest hit and that Wall Street is paying for the damage it caused.”
Jacqueline Barber, a spokesperson for the Home Defenders League, a retired police officer who lives near Atlanta, Georgia and is fighting foreclosure with the help of the local Occupy Homes chapter while undergoing chemotherapy, said
“We are not seeing relief in the communities that have been hardest hit by the foreclosure crisis. While I battle cancer and foreclosure, I have met and heard from people like me all over the country and I can tell you that people’s lives are still being torn apart by the big banks that broke the law and crashed the economy. This is especially true in African-American and low-income communities. If the big banks say they are helping people they need to say who and how. These big banks have a history of messing with the numbers; right now they are still messing with people’s minds and lives.”
The Home Defenders League is a national organization fighting against foreclosures and for a just resolution to the mortgage crisis with 24 community-based affiliates and member families across the country.
The Campaign for a Fair Settlement is a coalition of major progressive organizations that is the leading watchdog advocacy group ensuring that the settlements between the banking and mortgage industries address the needs of American families affected by the housing crisis.